While some people seem to thrive on keeping detailed records and itemizing all of their credit card purchases into a written log, most of us do not! Almost no one enjoys the tedium of entering each credit card transaction into a log for comparison against statements received from the credit card company. However, most of us desire to have such a log and the reality of life is that as the number of credit card transactions continues to increase the problem becomes compounded.
Today many computer programs exist, such as, for example, QUICKEN by Intuit, which manage checkbooks and credit card accounts electronically and which keep track of a users finances. Average users today have an enormous amount of computing power in their homes which allows them to keep extremely detailed records of their financial transactions. However, there remains one hitch in the process. And that is the fact that a credit card user must enter data from each transaction manually into the proper account so that when the credit card statement arrives from the credit card issuer, the detailed listings on the statement can be compared for accuracy against the listings manually entered by the user into the financial records. Thus, a prudent credit card user who enters into a transaction with a merchant takes the credit slips home and enters the information manually into the computer. Most of us perform this function sporadically at best.
To help with this problem, some credit card companies are now providing their customers with electronic versions of their monthly statements which can be entered into the users accounting programs easily, either by modem or floppy disk or by some other memory transfer arrangement. This solves the problem of tracking purchases on an item by item basis without requiring the manual entry of data by the user. It does not, however, solve the problem of checking the credit card company for errors and certainly does not solve the problem of knowing, on a day by day basis, the status of credit balances. In situations where the credit transaction is made by debit card, as opposed to credit card, day by day, even hour by hour, knowledge of the balance available in an account is essential.
Thus, there is a need in the art for an electronic method of providing a credit card user with accurate transaction data independent from the central data processing center of the credit card issuer.
Another need in the art exists for a system which allows for a determination of credit card availability at any time without inquiry to the credit card issuer.
A still further need exists in the art for a system and method which allows for communication of data from a credit card issuer directly to a credit card user on a transaction by transaction basis.